• Silent Eight’s innovative AI-based platform automates financial transaction screening investigations
  • Partnership integrates Emirates NBD’s robust compliance program with the pioneering provider in the industry

Dubai, UAE: Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region, announced a strategic partnership with      Silent Eight, a technology company which offers an advanced AI and machine learning platform to identify and prevent financial crime.

The partnership is in line with Emirates NBD’s vision to be the most innovative bank for its customers, people, and communities, and follows a successful Proof of Value (PoV) engagement that demonstrated Silent Eight's ability to automate the alert screening investigation process and improve the efficiency, accuracy and auditability of the bank's compliance operations.

In collaboration with Emirates NBD’s FinTech Partnership and Engagement Team, the PoV involved testing Silent Eight's solution on alerts generated by the bank's screening system.  The solution uses natural language processing and machine learning to replicate human reasoning and decision-making based on historical alert data and continuous learning. The solution was able to solve close to a third of the alerts in the scope of the PoV, explain the resolutions with clear narratives, and close the alerts with zero error rates.

Based on the successful results of the PoV, Emirates NBD has decided to deploy the Silent Eight solution with the aim of reducing reliance on human investigators, lowering      operational costs, and enhancing the customer experience by minimising the delays and requests for information caused by false positive alerts.

Following significant innovation in digital banking, wealth management, remittances and payments, Emirates NBD is further championing digital operational transformation by incorporating AI technology into its robust compliance program. The move strengthens Emirates NBD’s commitment to align with the UAE’s increased focus on the supervision and enforcement of anti-money laundering, counter-terrorism financing and targeted financial sanctions regimes.

Abdulla Qassem, Group Chief Operating Officer at Emirates NBD, said: “We are thrilled to join forces with Silent Eight to improve our operational efficiencies and foster innovation. As a regional banking leader, Emirates NBD is setting a new standard of excellence in providing a safe and secure banking experience for our customers. This collaboration is a testament to Emirates NBD’s commitment to embracing cutting-edge technologies and pushing boundaries to deliver agility and optimise productivity.”

Victor Matafonov, Group Chief Compliance Officer at Emirates NBD, said: "We are delighted to partner with Silent Eight, a leading innovator in the field of AI-driven compliance solutions. This partnership aligns with our vision of becoming a digital leader in the region and our commitment to adopting world-class technologies that enhance our risk management capabilities and operational efficiency. We are confident that Silent Eight’s IRIS module will bring significant value to our compliance function and enable us to deliver faster and better service to our customers."

Martin Markiewicz, Chief Executive Officer at Silent Eight, said: “We are honoured to work with Emirates NBD, one of the most progressive and forward-thinking banks in the MENAT region.”

Ben Rayner, Senior Vice President at Silent Eight, said: " We are delighted to be working with Emirates NBD, and are impressed by their dedication to excellence and innovation in compliance and their willingness to embrace AI as a strategic enabler. We look forward to supporting them in their journey of transforming their alert screening process and achieving their compliance goals."

The collaboration between Emirates NBD and Silent Eight solidifies Emirates NBD’s commitment to safe banking through innovative and transformative advancements within the financial industry. In 2023, Emirates NBD leveraged the power of generative AI to drive significant advancements in software development, collaboration and customer engagement.

About Emirates NBD

Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 20 million customers. As at 30th September 2023, total assets were AED 836 billion, (equivalent to approx. USD 228 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 853 branches and 4,213 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 3.89 billion. 

Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region.

Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE’s main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE’s Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water.

For further information on Emirates NBD, please contact:
Ibrahim Sowaidan
Senior Vice President
Head - Group Corporate Affairs
Emirates NBD
e-mail: ibrahims@emiratesnbd.com 
asda’a bcw; Dubai, UAE
Email: emiratesnbd@bm.com

About Silent Eight

Silent Eight is a technology company that partners with financial institutions to create solutions blending the best of humans and the best of technology, leveraging artificial intelligence. Silent Eight's solution automates the alert screening investigation process by replicating human reasoning and decision making based on historical case data and continuous learning. It enables financial institutions to reduce false positives, increase accuracy, and enhance auditability of their compliance operations. Silent Eight works with some of the largest banks and insurance companies in the world, including Standard Chartered, HSBC, and First Abu Dhabi Bank. Silent Eight is headquartered in Singapore and has offices in New York, London, Warsaw, and Bangalore.

For further information on Silent Eight, please contact:    
Ryan Dicovitsky / Emily Burnham
Dukas Linden Public Relations
SilentEight@DLPR.com
Katie Fancher
Silent Eight
katie.fancher@silenteight.com